Wave summary:
There is no change in view. We still think that wave ii ended at 1.5930 and wave iii higher is in its infinity. That said, we still need a break above minor resistance at 1.6164 and more importantly a break above resistance at 1.6246 confirming the bottom for a rally much higher.In the short term, it will take an unexpected break below the 1.5930 low to delay the expected impulsive rally higher, but only a break below the wave 2 low at 1.5784 to invalidate the bullish outlook.
Trading recommendation:
We will only buy a break above 1.6167 with our stop placed at 1.5935.
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